Helios—The Watch Store, a multi-brand luxury watch retailer owned by Titan, plans to launch an exclusive luxury watch retailer to meet the demands of the world’s fastest growing market.
The company’s “Helios Luxe” stores – at each store INRRahul Shukla, Titan’s vice president and chief sales and marketing officer for its watches and wearables division, said in an exclusive interview with Mint last month that the $3.5 billion business will launch in five locations this fiscal year. said. The first store will open in Delhi’s T1 terminal later this month, followed by stores in Goa, Chennai, Bengaluru and Mumbai. Luxury watch prices start from INR50,000.
The luxury and fashion watch category is benefiting from the premiumization trend, he said. Shukla attributed this to the increase in the number of middle- and upper-middle-income households in India.
The country may have a small share of demand for Swiss watches, from Rolex to Tag Heuer to Omega, but it is growing at the fastest pace globally. In the first nine months of 2024, the import value of this category was CHF 164.2 million (approx. INRAccording to data from the Swiss Watch Industry Federation, the same period in 2022 will see an increase of 23% and 45% compared to the previous year. This compares with a 20% increase in Mexico, another fast-growing market, and a 5% increase in the United States. During the same period, demand from China shrank by 21%.
Indeed, part of the increase in the value of India’s imports can be attributed to the depreciation of the rupee against the Swiss franc. local currency depreciated INRFrom around 99.5 Swiss Francs INR77.8 in 2022.
Helios is also the fastest growing division of Titan’s watches and wearables business, which also operates Titan Eye+ stores for Tanishq jewelry and eyewear. Watches and wearables segment revenue grew 18.4% in FY24; INR3.94 billion, according to the annual report. Titan World and Helios stores recorded annual growth of 8% and 34%, respectively.
The business mix of the 22-odd brands that Helios retails includes 50-55% of sales from fashion watches, 30-35% from premium watches and 10-15% from accessible luxury goods. Shukla said on the sidelines of the launch of Italian premium brand ‘U’. – Boats in Delhi. The company plans to launch three to four more new brands this calendar year, strengthening its portfolio as a bridge to luxury goods.
Helios is the largest luxury watch retailer by store count, competing with publicly traded peers Ethos and privately held Shoppers Stop.
Shukla said that although India may seem small as it is an economically developing country, it is the only bright market for luxury watches and that is why global luxury brands are showing interest. “While the more mature markets are in absolute size, they lag behind India in percentage terms.”
According to Shukla, several international brands, especially those from the Swiss watch ecosystem, are increasing their sales in India, creating a desire among consumers and the demand for luxury watches is growing at a faster pace. It is said that there is He said the price difference between whether Indian customers buy domestically or abroad will be about 5%. He said the domestic market has also caught up with the style, with brands launching their products at the same time in the country.
For Helios, watches continue to be a popular gift item during the Christmas season, accounting for 30-35% of the company’s annual sales. The company is ramping up its digital marketing efforts to attract Millennial and Gen Z consumers.
“About 25% of the total digital advertising budget is currently spent on Instagram, with the rest spread across platforms such as Google and hyperlocal channels,” Shukla said, adding that online channels are helping the company communicate with young people. Consumers added that it can be personalized.
